V-Mart closes FY 2019 by opening three new stores

By

Maverick Martins

Published
Apr 2, 2019

V-Mart Retail Ltd has strengthened its retail presence with the addition of three new stores on the last day of the financial year 2018-19 to take its store count to 214 in the country.
 

The company added a store each in the states of Himachal Pradesh, Madhya Pradesh, and Rajasthan. The company is hoping for a 20 percent growth during the year on the back of its retail expansion.
 
The value fashion retailer invested around Rs 100 crore ($14.5 million) during the fiscal year 2018-19 on the opening of 44 new stores across India. It plans to open more than 50 stores in FY 20.

V-Mart Retail has witnessed a slowdown in demand in the last six months but remains optimistic as it expects strong growth after elections.
 
“We are seeing an overall slowdown in demand except for tier 1. Tier 1 has not seen that kind of slowdown but most of the states in tier 2 have witnessed a slowdown,” Lalit Agarwal, managing director at V-Mart Retail, told Moneycontrol.
 
“Elections bring a lot of money to small towns and that is where the money gets to the smaller consumers and these consumers are going to celebrate more and along with this, a stable government will bring in more confidence in the terms of spending, in terms of consumption. So, I see a good FY20,” he added.
 
V-Mart has set a revenue target of Rs 3,500 crore by 2023 and plans to add more than 200 new stores in the next five years to achieve it.